By The Indus Zone Media Business Desk | November 8, 2025 | Jio Platforms IPO
Jio Platforms Ltd, the digital and telecom arm of Reliance Industries, is gearing up for what could become India’s biggest-ever IPO, with investment bankers estimating a potential valuation of up to $170 billion. If achieved, the listing could redefine India’s corporate landscape and mark one of the largest public offerings globally.
Jio IPO Valuation Could Rival India’s Top Corporates
According to investment bankers involved in early-stage discussions, Jio Platforms’ valuation could range between $130 billion and $170 billion. At the higher end, Jio would be valued higher than Bharti Airtel ($143 billion) and nearly rival HDFC Bank ($185 billion), making it one of India’s top three most valuable companies, just behind Reliance Industries Ltd. (RIL), which currently stands at about $225 billion.
“If Jio lists at the projected valuation, it will reshape India’s telecom and digital markets,” said a Mumbai-based analyst tracking Reliance’s performance.
A Long-Awaited IPO Finally Nears Reality
The Jio IPO has been years in the making. Mukesh Ambani, Asia’s richest individual, first hinted at a possible listing in 2019, and later confirmed plans in August 2025, stating that the public issue could take place in the first half of 2026.
The upcoming offering will be Reliance’s first major listing since Reliance Petroleum’s IPO in 2006, underscoring Ambani’s continued strategy to unlock value from the conglomerate’s fast-growing divisions.
Jio’s strong performance across digital services, broadband, and 5G expansion has attracted global tech giants like Meta Platforms (Facebook) and Alphabet Inc. (Google), both of which invested over $10 billion in 2020 to secure a stake in Jio’s ambitious growth story.
Expected IPO Size and New Listing Rules
Initial estimates suggested that Jio’s IPO could raise over $6 billion, potentially surpassing Hyundai Motor India’s record $3.3 billion IPO in 2024.
However, under India’s revised listing regulations, companies with a post-listing market capitalization of over ₹5 trillion must now dilute at least 2.5% equity, valued at approximately ₹150 billion ($4.3 billion).
This change means Jio’s IPO could still be one of the largest, though the offering size may be slightly smaller than initially expected.
Subscriber Strength and Financial Performance
As of September 2025, Jio Platforms reported a subscriber base of 506 million, reinforcing its position as India’s largest telecom operator.
Its average revenue per user (ARPU) stood at ₹211.4 per month, showing steady improvement as customers upgrade to 5G and premium data plans.
In comparison, Bharti Airtel, Jio’s closest rival, had about 450 million users and a higher ARPU of ₹256, reflecting its strong urban user base.
Despite this, analysts note that Jio’s scale, digital ecosystem, and broadband reach give it a commanding long-term advantage.
Why Jio’s IPO Matters for Investors
The Jio IPO will be a landmark event for India’s capital markets, drawing attention from both domestic and global investors.
Here’s why the offering is significant:
📈 Massive Market Potential: With over 500 million users and a growing digital ecosystem, Jio dominates India’s telecom and broadband markets.
💰 Diversified Digital Business: Beyond mobile services, Jio has expanded into OTT platforms, e-commerce, cloud computing, and fintech, boosting its revenue mix.
🌏 Global Investor Interest: Tech majors like Meta and Google already back Jio, indicating strong international confidence.
🏦 Historic Market Impact: A $170 billion valuation would make Jio one of the top three most valuable companies in India upon listing.
Mukesh Ambani’s Vision: From Telecom to Tech Titan
Under Mukesh Ambani’s leadership, Jio has evolved from a mobile network into a comprehensive digital ecosystem, integrating entertainment, finance, and data services under one umbrella.
Industry experts believe the IPO will help unlock shareholder value, allowing Jio to raise fresh capital for its 5G expansion, AI investments, and international partnerships.
“This IPO could redefine India’s role in the global tech economy,” said a senior market strategist. “Jio’s digital-first model positions it as a potential rival to international tech powerhouses.”
The Road Ahead
While the exact IPO timeline and issue size remain under discussion, investment bankers expect more clarity by early 2026.
A successful listing could not only boost Reliance’s market capitalization but also attract record levels of FII (foreign institutional investor) participation in India’s tech-driven growth story.
With the global spotlight on India’s booming digital economy, Jio Platforms’ IPO could become the catalyst for the next phase of stock market expansion in the country.
